CATO has put out a much-improved version of my "Wealth and Taxes" series on wealth inequality and the wealth tax. Html here and pdf here. Many thanks to Chris Edwards and the CATO staff for editing and formatting it, and getting it out in this nice format. ******** Alan Reynolds wrote with interesting comments. Among others, the $18+ trillion now invested in retirement, education and health savings accounts has gradually made middle-income investment income more and more invisible in tax returns as time moved on. Exemption of $500,000 of capital gains on home sales further reduced the IRS-reported capital income of all but the top 1%. ...the Saez-Zucman methodology is sure to show the rich having a larger and larger share of taxable income from capital, and therefore of wealth based on that taxable income, because income from the savings of middle-income taxpayers has become increasingly unreported. Bottom line: Because tax laws exempted a rising share of investment income (and residential capital gains) of the bottom 95%, the visible portion left showing for the top 1% must appear as a rising share (of a meaningless total). I still like my 2006 WSJ title: "The Top 1% of WHAT?" Pre-tax, pre-transfer income reported on individual income tax returns was never meaningful, and capital income on those tax returns is incomparable over time.
Sumber http://barokongnetwork.blogspot.com
Jumat, 12 Februari 2021
A Better Wealth And Taxes - Barokong
Diterbitkan Februari 12, 2021
Artikel Terkait
- Austin Frakt at theNew York Times covered an interestingsurvey of health economists, reve
- Bailouts are back. It's all 2008 all over again. Bankruptcy of a large corporation does n
- The pandemic is dramatically illustrating one area in which the epidemiologists are beati
- Here are links to this week's grumpy economist podcast, and Goodfellows discussion with N
- A smart reopening, with well worked out protocols at work, and a robust competent test an
- The grumpy economist, on the university finances post and related issues. I found the emb
Langganan:
Posting Komentar (Atom)
EmoticonEmoticon